EV sales soar as Trump axes $7,500 tax credit: ‘People are rushing out’ to buy, analyst says

## EV Sales Surge Before Tax Credit Deadline

Consumers are rushing to purchase electric vehicles (EVs) before the end of September to take advantage of federal tax credits. This article dives into the current state of the EV market, highlighting the impact of the upcoming deadline and the potential future shifts.

• Tax Credit Deadline: The article focuses on the September 30th deadline for claiming federal tax credits for new and used EVs, which are worth up to $7,500 and $4,000 respectively.
• Sales Surge: July saw record-breaking EV sales, with the second-highest monthly sales for new EVs and a record high for used EVs.
• Increased Market Share: EVs accounted for a record 9.1% of total passenger vehicle sales in July.
• Model-Specific Success: Certain EV models, like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5, experienced record sales.
• Price Considerations: While EVs are environmentally beneficial and can be cheaper over their lifespan, the higher upfront cost is a barrier. The tax credits help close the price gap.
• Dealer Incentives: Dealers are offering additional financial incentives to boost sales before the deadline.
• Future Outlook: Analysts predict a potential sales decline in Q4 2025 after the tax credit expires. The used EV market is expected to grow.

For more details, you can read the original article here: [Insert Article Link Here]